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2019 Annual Report

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2019 Annual Report ● Spokesperson Name: Kuo-Pin Weng Title: Head of Financial Division TEL: (02)2706-6006#190 Email: [email protected] ● Deputy Spokesperson Name: Ming-Wen Lee Title: Manager of Financial Division TEL: (02)2706-6006#125 Email: [email protected] ● Addresses and TEL of Headquarters, Branches and Factories Headquarters: 5F-6F., No. 77, Sec. 2, Dunhua S. Rd., Da’an Dist., Taipei City (02)2706-6006 1st Plant: No.271, Zhongshan N. Rd., Dayuan Dist., Taoyuan City (03)386-8081 2nd Plant: No. 12, Gongye Rd. 3, Guanyin Dist., Taoyuan City (03)483-8088 3rd Plant: No.937, Sec. 2, Chenggong Rd., Guanyin Dist., Taoyuan City (03)483-7682 4th Plant: No.399, Datan N. Rd., Guanyin Dist., Taoyuan City (03)473-7366 Pharmaceutical Factory: No. 12, Gongye Rd. 3, Guanyin Dist., Taoyuan City (03)483-8088 Electronic Chemical Factory: No. 12, Gongye Rd. 3, Guanyin Dist., Taoyuan City (03)483-8088 ● Stock Transfer Agency Name: Share Transfer Agency Dept., Mega Securities Co., Ltd. Address: 1F., No.95, Sec. 2, Zhongxiao E. Rd., Zhongzheng Dist., Taipei City Website: https://www.emega.com.tw/emegaRegistrar/index.do TEL: (02)3393-0898 ● CPA for the Financial Reports in the Most Recent Year Name: CPA Chia-Chien Tang and Ya-Ling Chen Accounting Firm: KPMG Address: 68F., No.7, Sec. 5, Xinyi Rd., Xinyi Dist., Taipei City Website: https://home.kpmg/tw/zh/home.html TEL: (02)8101-6666 ● Transaction location for overseas securities going listed: Not applicable ● Company Website: http://ecic.com Financial Highlights Revenue by B.U. Pharmaceuticals 2% Electronic Chemicals 11% Toner 16% Color Chemicals 49% Specialty Chemicals 22% In Million NT$ Item 2018 2019 Revenues 9,621 9,332 Profit After Tax 408 349 Total Assets 13,858 13,623 Shareholder’s Equity 7,913 8,139 Earnings Per Share (in NT$) 0.73 0.66 Consolidated Revenues (In Million NT$) 12,000 9,537 9,451 9,621 10,000 9,169 9,332 8,000 6,000 4,000 2,000 0 2015 2016 2017 2018 2019 Consolidated Profit After Tax (In Million NT$) 800 700 600 574 500 474 408 400 370 349 300 200 100 0 2015 2016 2017 2018 2019 Contents 1 One. Letter to Shareholders I. 2017 Operating Performance II. Summary of 2018 Operation Plan III. Impacts of External Environment IV. Future Corporate Development Strategies 6 Two. Company Profile I. Date of Establishment II. Company History 8 Three. Corporate Governance Report I. Organization II. Directors, General Managers, Deputy General Managers, Associates and Managers of Each Department and Branch III. Status of Corporate Governance IV. Information of CPA’s Professional Fees V. Information of the Replacement of CPA VI. Disclosure of any instance of the Company’s chairman, general manager, and finance or accounting manager having held a position in the CPA firm or its affiliates VII. Equity transfer and equity pledge changes of directors, managers and shareholders with shareholding exceeding 10% VIII. Information of the shareholders with top 10 shareholding ratio and are related to each other or spouses or within the kinship of the second-degree relatives IX. Comprehensive Shareholding Ratio 43 Four. Capital Overview I. Capital and Shares II. Issuance of Corporate Bonds III. Issuance of Preferred Stocks IV. Issuance of GDRs V. Issuance of Employee Stock Options VI. Issuance of New Restricted Employee Shares VII. Issuance of New Shares Upon any Merger and Acquisition With Other Companies VIII. Implementation of Capital Allocation Plans 47 Five. Operational Profile I. Contents of Business II. Market and Production Profile III. Basic Information of Employees IV. Information of Environmental Protection Expenditure V. Labor Relations VI. Important Contracts Six. Financial Information, Financial Performance Review and Analysis, And Risk 59 Management I. Condensed Balance Sheet and Comprehensive Income Statements II. Financial Analysis III. Audit Report of Audit Committee IV. Financial Turnover Difficulties for the Company and its Affiliates V. Financial Status VI. Financial Performance VII. Cash Flows VIII. Impact of Major Capital Expenditures on Financial Operations IX. Reinvestment Policy X. Risk Items XI. Other Important Matters 72 Seven. Special Disclosures I. Information Related to the Company's Affiliates II. Status of Private Placement of Securities III. Holding or Disposal of Shares in the Company by the Company's Subsidiaries IV. Other Necessary Supplementary Explanations V. Any occurrence of the Matters Defined in Term 2, Provision 2, Article 36 of Securities Exchange Act that Have a Significant Impact on Shareholders’ Equity or Security Price 79 Eight. Financial Report I. Consolidated Financial Report II. Individual Financial Report Letter To Shareholders Dear shareholders, Last year was a tumultuous year. The optimistic economic outlook for the first half of the year began to deteriorate around the third quarter. The operating revenue for the whole year of Everlight Chemical amounted to NTD9.33 billion, decreasing slightly by 3%. With the exception of the Color Chemicals Business that saw a growth of 1.7%, all other businesses suffered a decline. Net profit after tax amounted to NTD349 million, an annual decrease of 14%, whereas earnings per share amounted to NTD0.66, an annual decrease of 10%. The results of operation are analyzed as below: The sales revenue of the Color Chemicals Business amounted to NTD4.6 billion, accounting for 49%, and saw an annual increase of 1.7%. Traditional textiles, digital ink, leather, and pulp are the four major application domains. Last year, the paper dye and digital ink (including two major areas of digital textile and commercial printing) saw a sizeable growth, while traditional textiles dropped slightly. This year, we will continue our effort in launching differentiated commodities that are more eco-friendly, safe, energy and water conserving, as well as expanding our digital ink production. We will also expand our scale of operation in producing the chemicals for industrial and functional textiles, as well as dyes for metals. The sales revenue of the Specialty Chemicals Business Unit amounted to NTD2.06 billion, accounting of 22%, down by 4.9% as compared to the previous year. In March last year, a major explosion occurred at a chemical plant in Yancheng, Jiangsu Province. As a result, the Chinese government set to revamp the industrial safety and environmental protection rigorously, affecting part of the upstream supply of raw materials. Compounded by competitors actively lowering their pricing to our customers, the Specialty Chemicals Business Unit was unable to meet its yearly operating target. However, after years of endeavor, the sales of many high value adding light stabilizers underwent substantial growth, leading to a profit-making improvement last year. This year, the competition remains stiff. We will continue to adopt a differentiation strategy, and are actively charting to control the upstream raw materials. The sales revenue of the Toner business amounted to NTD1.51 billion, accounting for 16%, down by 7% compared to last year. Under many suppliers in China emerging and uniting to compete to put into production, the supply of Toner (particularly the black bulk products) has still exceeded the demand, and Toner prices continue to dip into red territory. In addition to launching products that can protect our market share, and continuing the development of color toners and high-speed copy machine toners, we have also developed new ceramic toners for industrial usage, in the hope of increasing profit. Since the beginning of the year, as the outbreak of Covid-19 virus occurred throughout China, our toner production line in Suzhou Industrial Park was shut down temporarily, drastically curtailing our operational capacity. Whereas, the order placed with our Taiwan production line remained consistent. For the outlook of future prospects, due to the global pandemic, it is difficult to remain optimistic. However, we will closely monitor the response and recovery of different countries toward the outbreak, so as to make good use of more business opportunities. The sales revenue of the Electronic Chemicals business amounted to NTD965 million, accounting for 11%, down by 11% compared to last year, mainly due to the decrease in the sales revenue generated by OEM products. Last year, our private brands saw many breakthroughs: the revenue from China grew strongly, and for the first time, I-line photoresist was successfully installed in 12-inch wafer; the use of masking tape in frameless screen 1 continued to grow as well; newly launched photosensitive polyimide (PSPI) and low temperature photoresistant material that could be applied on flexible substrate was well received by customers. In addition, this year, we will continue to develop high-end photoresist in IC and thick film photoresist for electroplating in IC packaging. The sales revenue of the Pharmaceuticals business amounted to NTD 189 million, accounting for 2.0%, down by 16% compared to the previous year. In October last year, the factory under the Business Unit of Pharmaceuticals was once again inspected by the US FDA. Our team passed the inspection without the assistance of a consultant. As such, the confidence of our customers in us was boosted further. Despite loss of customers and deterioration of last year’s performance, from the fourth quarter onward, the orders for eye medicine began to increase gradually, and the customers of animal use medicine were returning as well. Meanwhile, Business Unit of Pharmaceuticals began to make plans to increase the lot size of multiple products, so as to meet requirements and increase product competitiveness, as well as promoting new markets to increase market share of its products. Business Unit of Pharmaceuticals will continue to seek to complete the project on radiopharmaceutical OEM products, and launch new products for prostaglandin to increase sales revenue. Last year, IMF had already projected the global economy in 2020 to be “in a synchronized slow-down,” while the Economist pointed out that from 2020 onward, the world would experience low growth for a decade.
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